IT was love at first sight for Jade Hannan and Jake Newell-Black when they viewed the one-bed apartment of their dreams three years ago in Brentwood, Essex.
They adored the luxurious fit and finish, convenient location and friendly community, but there was a big problem: it was way above their budget at £320,000. But thanks to a life-changing scheme, they bought it for just £256,000.
Trainee solicitor Jade, 28, and graphic designer Jake, 27, used the Discounted Market Sale Scheme – a council-backed scheme where local residents can buy a new-build home up to 50 per cent less than its current market value.
To qualify, you usually need to be local to the area, not earn above a certain amount (typically £80,000), and be able to secure a mortgage.
Developers and estate agents won’t offer the incentive on every single property they sell, but it’s worth asking if it’s available.
The scheme allowed Jade and Jake to buy their one-bed apartment in Brentwood, Essex, for £64,000 less, equivalent to a fifth of the total value.
Developers will also offer freebies or discounts to budding buyers to clinch a deal. In Jade and Jake’s case, housebuilder Weston Homes also gave them £6,000 FREE towards their deposit.
That meant in total, they got £70,000 in discounts and free cash to put towards their new home.
They had saved £13,000 together and were gifted £20,000 by their parents, which meant that in total they had a £39,000 deposit – 15 per cent of the value of the property.
Jade said: “It was great to get both a contribution towards our deposit and the discount on the sale price.
“These incentives are so helpful to first-time buyers, and they motivated us as well. We’ll probably move to a larger place at some point, but we wish we could keep this forever.
“The community is really nice here, and everyone is very friendly.”
Graphic designer Jake added: “Neither of us thought we’d be able to afford to buy a place of our own and planned instead to save up and go travelling.
“Instead we were the first among our friends to buy our own place, and now we wonder why they rent flats for £1,400 a month that have none of this luxury.”
As well as the discount, Jade and Jake’s brand new home came with a host of top of the range appliances and fixtures, including a dishwasher, fridge freezer, washing machine, boiling and chilled water tap, mirrored fitted wardrobe and flooring throughout.
Together, all would have cost around £5,000, but there was no extra charge for them.
“So many fixtures and fittings were included in the price, it already felt very homely before we added our own furniture,” Jade said.
“I’d never seen a smart bathroom before, which has sensors and digital temperature controls, and at first I thought maybe it was all a bit over the top, but it turned out to be very efficient and simple to use.
The Discounted Market Sale Scheme is one of many perks and bonuses on offer to help first-time buyers get on the ladder.
Here are all the freebies and incentives available to help you do the same.
Deposit Unlock scheme – save £1,000s with a lower deposit
One in three first-time buyers believes they will never own their own home, according to the Building Societies Association (BSA).
Affordability and a lack of deposit saved up were cited as the main blockers – but you may not need as much saved as you think.
House-builders and lenders offering the “Deposit Unlock” scheme allow you to buy a home with a 5 per cent deposit, rather than the normal 10 to 20 per cent.
You can take out a 95 per cent mortgage with a participating lender.
The scheme is open to both first-time buyers and current homeowners, and can only be used on new-build homes from a participating builder. The maximum mortgage loan is generally up to £750,000.
So on a £250,000 home, you’d typically need a deposit of £25,000 to buy – but under the Deposit Unlock scheme, you’d only need £12,500.
Deposit Boost – top up your deposit for FREE or skip it completely
Some developers also offer cash towards buyers’ deposits, which can double the size of your downpayment. Look out for the “Deposit Boost” scheme, or similar.
For example, Fairview New Homes, based in London and the home counties, offers a deposit top-up of £22,500 on a two-bedroom home in Southall, worth £450,000 – equivalent to 5 per cent of the property’s value.
Buyers will typically be required to already have at least a 5 per cent deposit to qualify.
Another scheme, Rezide, lets buyers put forward a 5 per cent deposit and take out a 15 per cent equity loan (worth at least £15,000). Housebuilders including Persimmon and Barratt Homes have signed up.
You then borrow the remaining 80 per cent from a mortgage lender who has also signed up to the scheme.
The repayment value of the equity loan tracks your home’s value, so beware – if the property price increases, your loan also gets bigger.
In some cases, it is possible to combine the Deposit Unlock scheme with a developer deposit contribution, meaning you wouldn’t need to pay a deposit at all.
In most cases, the Deposit Unlock scheme cannot be used in conjunction with a deposit contribution, but it goes to show how much is possible.
First Homes scheme – slash up to 50 per cent off your house price
First-time buyers can buy homes for 30 per cent to 50 per cent less than their market value, under the First Homes scheme.
The property can be a new home built by a developer, or a home you buy through an estate agent, which someone else bought before through the scheme.
You must be a first-time buyer, be able to get a mortgage for at least half the price of the home and not earn a joint income of more than £80,000 a year before tax, or £90,000 for London homes.
Councils set the eligibility criteria, and may give priority to key workers, people who already live locally or people on lower incomes.
When you move on, you’ll need to sell the property at the same discount you bought it for.
The scheme is only available in England, and you’ll have to be 18 or older to qualify.
First Homes are advertised by developers or estate agents, so talk to them about whether they offer the scheme.
The incentives are funded by private developers who are legally obliged to provide affordable housing on new developments.
How to get a cheaper mortgage rate
Homeowners are under mounting pressure as monthly mortgage payments have surged from around £1,000 a month to £1,500 for a two-year fixed deal in 2025.
But various finance schemes can slash the rates you pay in the first few years.
“The “Own New Rate Reducer” scheme offers a lower interest rate than a traditional mortgage, with some deals available at below 1 per cent for the first two years.
The bargain tariff is funded by your housebuilder, who will contribute between 3-5 per cent of the purchase price to your move.
This contribution goes to your mortgage lender (via Own New) who will reduce your interest rate by up to 2.99 per cent for the first two years.
Always consider if you could still afford repayments if interest rates rise at the end of a fixed term.
Haggle for thousands of pounds of freebies
Barter with your developer for free goods.
For example, when purchasing a first home with Gleeson, all first-time buyers are provided with free flooring throughout their new home.
Many developers provide integrated appliances, and it may be possible to ask for upgrades or certain specifications.
Some banks are offering cashback, which can help with moving costs, legal fees or new furniture.
First-time buyers purchasing a property with an energy rating of A-B can receive a total cashback of between £1,000 and £2,000 when taking out an HSBC Mortgage, while the standard cashback range for first-time buyers is £500 to £1,500.
First-time buyers also receive £500 cashback when they complete their mortgage with Nationwide.
Key worker? Get £25k towards your deposit.
If you’re a teacher, nurse or transport worker, or have another key job, you might be able to blag a bigger discount.
Essential workers buying a David Wilson home could receive £1,000 towards the deposit for every £20,000 spent on the purchase price – up to a maximum of £25,000.
Mention this if is your field of work in case there are incentives available.
For example, key workers purchasing a Gleeson home will receive £1,500 towards upgrades like pricier flooring and cupboards.
What help is there for first time-buyers?
GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home.
Help to Buy Isa – It’s a tax-free savings account where for every £200 you save, the Government will add an extra £50. But there’s a maximum limit of £3,000 which is paid to your solicitor when you move. These accounts have now closed to new applicants but those who already hold one have until November 2029 to use it.
Lifetime Isa – This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25% on top.
Shared ownership – Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25% to 75% of the property but you’re restricted to specific ones.